Japan, the European Union and Global Governance
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Japan, the European Union and Global Governance

Edited by Eiji Ogawa, Kolja Raube, Dimitri Vanoverbeke, Jan Wouters and with Camille Van der Vorst

This timely book explores the relationship between Japan and the European Union as they work increasingly closely together in many areas of global governance. It discusses the most salient areas of such cooperation from a range of perspectives, while examining not just convergences but also differences, in light of the recent EU–Japan Economic Partnership Agreement and Strategic Partnership Agreement.
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Chapter 6: International production networks and required new global governance: mega-FTAs and the WTO

Fukunari Kimura

Abstract

The conclusion of negotiations over the Trans-Pacific Partnership Agreement (TPP) in October 2015 instigated a change in the landscape of the international economic order. Its domino effects were eminent, and a number of countries expressed their intention to participate in the TPP. Moreover, other mega-FTA negotiations seem to have been influenced by the TPP such as the Regional Comprehensive Economic Partnership (RCEP), the China-Japan-Korea FTA, the Japan-EU EPA, and the Trans-Atlantic Trade and Investment Partnership (TTIP). The current trade turmoil initiated by the US trade policy rather enhances the value of mega-FTAs. It has now become a real possibility that mega-FTAs will become a vehicle to develop a novel international economic order by showing a new standard of liberalization and a prototype of new international rule. Some of the international rules initiated by mega-FTAs may well be developed in the form of new plurilateral agreements under the auspices of the World Trade Organization (WTO). This paper discusses the prospects of new global governance in trade and investment.

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